Veikkaus, the state-owned gambling operator in Finland, is continuing to restructure its internal organization as it prepares for the newly liberalized gambling market set to open on July 1, 2027. This internal reorganization aims to enhance the company's competitive capabilities in light of the changing market environment.
In its latest adjustments announced on Wednesday, Veikkaus revealed the termination of 15 existing positions while creating 17 new ones. These changes will affect various units including the Data & AI department, two business units, and the finance teams. The negotiation process regarding these terminations and newly created roles is projected to last around three weeks.
These changes are part of a broader organizational shift following Veikkaus’ decision in May 2026 to create two subsidiaries: one focused on exclusive operations and the other on competing in the newly licensing-based market. Veikkaus has already submitted license applications as a private entity, joining approximately 50 other companies that aim to participate in the upcoming market before the end of June.
As part of its transition, Veikkaus confirmed a management reshuffle late last year that included the elimination of the deputy CEO role after Velipekka Nummikoski was transitioned into a different position. The company has implemented significant operational and technological changes during this period, such as shifting its sportsbook backend from DraftKings to OpenBet, and recruiting experienced industry leaders to spearhead its competitive business.
In early August, Veikkaus announced the appointment of Chris Armes, a former Scientific Games executive, as the new executive vice president of Gaming Technologies. He is set to assume his position in the autumn of 2026, overseeing the technology organization from the company’s Helsinki headquarters.
In July 2026, Jarkko Nordlund, EVP of iGaming at Veikkaus, discussed the intense competition anticipated with the market opening, asserting, "Our aim is to challenge the mentality of our current position, so we need to secure market leadership."
In its interim report released recently, Veikkaus reported a 1% year-on-year increase in sales revenue for the first half of 2026, totaling €471.3 million ($546.8 million). Operating profit increased to €227.7 million, compared to €220.6 million, while profit for the period reached €234.2 million, up from €229.6 million in the same timeframe last year. The company attributes this financial growth to advancements in its digital channels.
Digital gross gaming revenue now accounts for 64.5% of the total revenue of the company in the first half of 2026, an increase of 3.6 percentage points compared to the previous year. The number of registered customers at the end of June rose to about 2,672,000, an increase of around 50,000 from the prior year.
Regarding lottery and land-based gaming, gross gaming revenue remained unchanged at €317.9 million for the first half of 2026 compared to H1 2025. Contributions from lottery games were €254.5 million, an increase from €246.1 million, with a 9.1% rise in digital lottery revenues driven by initiatives including the Veikkaus app and new product launches like Milli, which debuted in June 2025. However, revenue from slot machines and physical table games fell to €63.4 million, down from €71.3 million due to a reduced retail network and fewer machines.
In contrast, betting and iCasino generated €151.6 million in gross gaming revenue, up from €146.5 million, attributed to an expanded game catalog and rapid growth in live casino offerings.
Veikkaus’ international B2B subsidiary, Fennica Gaming, saw substantial growth in the first half of 2026, with revenue soaring 80.6% to €10.3 million, up from €5.7 million the previous year. This expansion can be attributed to launching eInstants and iCasino products in several markets, including Italy, Canada, parts of Germany, Mexico, the Czech Republic, and Iceland. Fennica Gaming operates in 21 markets across three continents and has secured an online supplier license in the UAE.
Industry consultant Jari Vähänen, a former senior executive at Veikkaus, estimated the company's total value could reach up to €4.5 billion following market liberalization.
In light of the upcoming changes, Veikkaus is adjusting to the partial liberalization of Finland’s gambling market under the new Gambling Act ratified in January 2026. Starting in July 2027, the company will lose its exclusivity over betting and iCasino products, transitioning to a license-based system while retaining exclusive rights for lottery games, scratchcards, slot machines, and physical table games. Veikkaus plans to provide market-based compensation for these exclusive operations, estimated to be around €1 billion over a 10-year licensing period, including a significant upfront payment in 2026.
To prepare for the competitive landscape, Veikkaus recently joined the Finnish Gambling Association, a trade body that has long advocated for market liberalization.
